CBL & Associates Properties, Inc. (NYSE: CBL), today announced that it has formed a 75/25 joint venture with Horizon Group Properties, Inc. (OTC: HGPI) to develop The Outlet Shoppes at Atlanta in Atlanta (Woodstock), GA. Once complete, the 370,000-square-foot project will be the premier outlet destination for tourists and residents of Atlanta and the surrounding area. Construction is expected to begin in spring 2012, with the grand opening scheduled for late summer 2013. CBL and Horizon are co-developing the project with Horizon responsible for leasing and management.
“We are pleased to grow our presence in the outlet industry by partnering with Horizon Group to develop The Outlet Shoppes at Atlanta,” said Stephen Lebovitz, president and chief executive officer for CBL. “Retail interest is very strong and leases have already been executed with some of the best names in the outlet business today. We are confident that The Outlet Shoppes at Atlanta will be a terrific investment for CBL.”
The Outlet Shoppes at Atlanta is currently more than 70% leased or committed with must-have outlet retailers such as Saks Fifth Avenue OFF 5TH, Nike, J. Crew, Nine West, Brooks Brothers, Johnston and Murphy, Levis, Skechers, Chico’s, Guess, Michael Kors, Puma, Under Armour and more. The project is well-located in a northern suburb of Atlanta off Interstate 575 and Ridgewalk Parkway.
“Atlanta is one of the best outlet markets in the country and we have the best location for the development of what will be Atlanta’s premiere outlet center,” said Gary J. Skoien, Horizon’s president and chief executive officer. “CBL is a fantastic partner and we look forward to building on the success of The Outlet Shoppes of Oklahoma City which we recently completed in a similar joint venture with CBL.”The Outlet Shoppes at Atlanta will contribute significantly to the area’s local economy by creating new jobs and generating sales tax revenues. Once complete, the center is estimated to create more than 1,000 jobs for the community and generate more than $130 million in annual sales.
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